Operational update

23 December 2016

Genel Energy plc

Operational update

Genel Energy plc ('Genel’ or ‘the Company’) issues the following update in respect of the Taq Taq field (Genel 44% working interest).

The third and final well of the 2016 Taq Taq drilling programme, TT-16y, has been successfully drilled and completed in the main Shiranish reservoir. The well is naturally flowing at c.8,000 bopd.

Gross Taq Taq production is currently c.40,000 bopd, with Q4 2016 averaging 45,000 bopd to date. The Pilaspi reservoir is being readied for production in January 2017, and is expected to contribute c.3,000 bopd.

The three Shiranish wells (TT-27x, TT-07z, and TT-16y) drilled in the 2016 campaign are currently producing a combined c.9,000 bopd. Discussions are ongoing between the Taq Taq partners over a potential workover of TT-07z. This well flowed on test at 5,000-9,000 bopd, although as a result of mechanical issues experienced during well completion activities TT-07z has recently been producing at 400 bopd.

Genel’s net working interest production from the Taq Taq and Tawke fields has averaged 53,500 bopd in 2016 to date.

The updated Field Development Plan and the Competent Person’s Report for Taq Taq are on track for completion in Q1 2017.

Genel plans to issue a trading and operations update in respect of 2016 financial and operating performance and 2017 outlook on Tuesday 24 January 2017.

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This announcement contains inside information.

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.

This information is provided by RNS
The company news service from the London Stock Exchange

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